US operators ensnared in tussle over host-country debt

CMS Nomeco Congo Inc. and Nuevo Congo Co., US subsidiaries of independent Perenco SA, are fighting legal battles with potential to affect US oil and gas companies operating in countries that have defaulted on sovereign debt.In a series of US federal court actions across Texas, vulture funds are trying to collect defaulted debt of Congo (Brazzaville) by laying claim to royalty oil through garnishment of third parties, in this case the Perenco units.So-called vulture funds buy a developing nation’s defaulted debt for pennies on the dollar and then seek to collect full payment. Some of the funds call themselves specialists in asset recovery from problematic emerging markets.Chevron Cor...

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